Thinking of starting a new business? I've got some tips for you!
Starting a new business can be exciting, however, it can also be daunting as you need to have one’s ducks in a row. Sooner or later you would realize that starting a new business requires more than just coming up with the company or brand name. Yet, I still encourage you to begin with that… a dream. Career Coach Amelia can help you navigate your business goals and prepare an effective business plan that can be sustainable in the long term.
Here are some of the tips that may help you realize your dream in becoming an entrepreneur:
1. Have courage and lots of it. As the famous saying goes “Fortune favours the bold” and I strongly believe in this mantra. High investments yield greater returns. Some of the most successful businessmen and women also doubted themselves at some point. However, if you banish fear and focus your energy on your passion instead, you would notice your weaknesses slowly disappearing in the shadows…where they truly belong.
2. Assess your interests and aspirations. There are so many free online career assessments that may help you define your passion if you don’t already know it. Create a list of your interests, strengths and look as far back to your high school years and figure out what you are good at. You are built for greatness and don’t let anyone tell you otherwise.
3. Research your competition. Once you have found your passion, look at some of the trends in business and establish your competitive edge. Nowadays, social media presence influences more people to buy your service or product. Think about building your own website, preferably with e-commerce so you can closely monitor all your financial transactions; this may come in handy during tax season.
4. Consult a close friend who is also an entrepreneur and learn from their success stories and failures. Remember that even if you fail the first time, you could get back up and try again. Sky is not the limit because there are footprints on the moon. Failures are equally important, they humble and prepare us for better things.
5. Check your financial status. I wouldn’t recommend borrowing money from the bank or other people. Create a budget and save up at least $3,000 to $5,000 if you would like to start a new business. Registering your business name and buying promotional materials can slowly add up so you need to be better prepared. The primary goal of starting a business is to grow your wealth, you get the idea.
6. Trust your instinct. My father once told me that some of the best decisions in life… you got to trust your gut and work on your confidence. Having your own business can elevate your confidence in yourself. You need to believe in yourself in order to believe in your product or service. Begin with a soft launch, experiment and see if everything works.
7. Hire me as your Career Coach. I will walk you through the steps of formulating your own business, assessing what values are important for you and best of all, I will do my best to keep you confident and driven to achieve your business goals.
If you are considering to establish a new business or would like to make some changes with your business strategy and increase your overall work productivity, sign up for the Small Business Coaching Program.
Remember “a goal without a plan is just a dream”. We are rooting for you!